CREF Equity Index Account

Unit Value

Day's Change

Portfolio Net Assets

Estimated Expense Charge

Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

Overall Morningstar Rating

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Market Capitalization

As of 12/31/2014

% ofEquity Investments

Mega Cap (Over $50 Billion)

49.81%

Large Cap ($15 Billion - $50 Billion)

24.23%

Mid Cap ($2 Billion - $15 Billion)

21.17%

Small Cap (Under $2 Billion)

4.79%

Sector Weighting

As of 12/31/2014

% ofNet Assets

Information Technology

18.88%

Financials

18.02%

Health Care

13.96%

Consumer Discretionary

12.76%

Industrials

11.36%

Consumer Staples

8.50%

Energy

7.47%

Materials

3.61%

Utilities

3.23%

Telecommunication Services

2.00%

Short-Term Investments, Other Assets & Liabilities, Net

0.21%

Asset Allocation

As of 12/31/2014

% ofNet Assets

U.S. Equity

99.41%

International Equity

0.38%

Short-Term Investments, Other Assets & Liabilities, Net

0.21%

On April 24, 2015, additional classes of CREF Accounts are available with different eligibility requirements. Please visit the account’s prospectus at tiaa-cref.org for more information.

In general, the value of equity variable annuity accounts will fluctuate based on the share prices of the individual companies in which they invest. An investment in an equity variable annuity account may be subject to all or some of the following principal investment risks:
Market Risk, Company Risk, Style Risk, Large-Cap Risk, Small-Cap/Mid-Cap Risk, Active Management Risk, Index Risk, Foreign Investment Risk, Sector Risk, Social Criteria Risk, Derivatives Risk, Non-Diversified Risk, Real Estate Investing Risk.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Portfolio Statistics

Beta (3 Yr) measures the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). If a security has a beta greater than 1, that security's price can be expected to be more volatile than the market.

EPS Growth (1 Yr Forecast) is the rate at which earnings per share of the Fund's equity holdings are projected to grow during the upcoming twelve months. This forecast is not indicative of the fund's future performance.

P/E Ratio (1 Yr Forecast) is the average fund equity holding's price divided by its forecasted earnings per share for the next 12-month period.

Price/Book is the ratio of the Fund's equity holdings to the company's net assets.

Return on Equity (5 Yr Average) relates the Fund's profitability to its equity holdings. A high ROE indicates that the portfolio is invested in companies that historically have been quite profitable, though care should be taken when using this number because it can be impacted, positively or negatively, by how much the Fund's assets are financed with debt as opposed to equity.